Episodes
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In this second episode of the Cockroach Series, Jason Buck (Mutiny CIO) and Taylor Pearson (Mutiny CEO) delve into the intricacies of sequencing risk and its profound impact on portfolio construction.
They explore concepts like expected value, ergodicity, and the importance of return order on investment outcomes. Whether you're planning for retirement or just starting your investment journey, this discussion offers valuable insights on how to navigate and mitigate the unpredictability of financial markets.
Please see our Insights Page for blog posts featuring notes from the Cockroach Approach whitepaper. Additionally, you can access the Cockroach Approach summary and download your own copy of the whitepaper!
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In this episode, Jason Buck (Mutiny CIO) and Taylor Pearson (Mutiny CEO) embark on the first of a series discussing the Cockroach Strategy. They are excited to share insights into the decade-long development of this strategy.
Jason and Taylor explore the probabilities of loss over extended time horizons, shedding light on often overlooked aspects of investment planning. They also discuss real returns and the influence of global economic trends on investment outcomes.The discussion kicks off with an exploration of stocks, the cornerstone of the Cockroach Strategy, setting the stage for a deeper dive into its principles and construction.
Please see our Insights Page for blog posts featuring notes from the Cockroach Approach whitepaper. Additionally, you can access the Cockroach Approach summary and download your own copy of the whitepaper!
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Missing episodes?
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We are excited to introduce a new addition to our suite of investment strategies - The Defense Strategy.
It combines Mutiny Fund’s Volatility Strategy and Commodity Trend Strategy. The Volatility Strategy is designed to act as a so-called ‘black swan’ investment, achieving asymmetric gains in times of high volatility or tail risk (e.g. March 2020). The Commodity Trend Strategy is designed to profit during inflationary periods (e.g. 2022) as well as during extended ‘crisis periods’ for stocks and bonds (e.g. 2008).
In combining these two exposures, the Defense Strategy seeks to achieve flat to slightly positive returns during positive periods for stock and bond portfolios while providing its most significant returns in periods of equity market drawdowns or high inflation.
The Defense Strategy is part of the holistic Cockroach Strategy and is intended as a diversifier to be combined with offensive assets in an investor’s portfolio such as stocks, bonds, and private equity.
In this podcast, Jason Buck (Mutiny CIO) and Taylor Pearson (Mutiny CEO) talk through how and why we developed the Defense Strategy and the role we believe it can serve in investors’ portfolios.
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In this episode, I talk with Kris Abdelmessih, Volatility Trader and also the Author of Moontower Weekly.
Kris has been actively involved in options trading for 21 years. His background encompasses commencing his journey within the trading pits alongside SIG, establishing his personal market-making team, and overseeing the commodities book for a distinguished volatility manager.
We talk about:
Adverse Selection Discretionary Edge? Manager Fee Alpha Confidence Intervals Life Optionality and more!This podcast was recorded at the Edgewood Resort, situated by the serene Lake Tahoe, where a wonderful private event was organized by Collective.
Collective is a curated community investors and entrepreneurs eager for in-person experiences, authentic connections, and idea sharing.
I hope you enjoyed this conversation with Kris as much as I did!
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In this episode, I talk with Robert Mullin from Marathon Resource Advisors. Robert is a finance professional with 25+ years of experience managing natural resource investment portfolios for individuals, family offices and institutions.
We talk about:
State of commodity producers Tangential investing ideas Problems in Europe Yield farming and more!
This podcast was recorded at the stunning Edgewood Resort, situated by the serene Lake Tahoe, where a wonderful private event was organized by Collective.Collective is a curated community investors and entrepreneurs eager for in-person experiences, authentic connections, and idea sharing.
I hope you enjoyed this conversation with Robert as much as I did!
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In this episode, I have the privilege of engaging in a captivating conversation with two distinguished guests. First, we have PJ Pierre, the Vice President of Trading and Portfolio Management at Denali Asset Management. Joining us alongside PJ is Zed Francis, the esteemed co-founder and Chief Investment Officer (CIO) of Convexitas.
Topics:
Are any banks solvent? Insure all deposits? Start a bank? Debt Ceiling Trades? Jubilee, reset, revolt...choose wisely and more!I hope you enjoyed this conversation with PJ & Zed as much as I did!
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Didn’t get the chance to head to Vegas for the Global EQD conference. No worries. We’ve got you covered in Part II of the Global EQD ’23 Breakdown.
We're teaming up with RCM Managing Partner and host of The Derivative Podcast, Jeff Malec. Together, Jeff and Jason walk through their notes from attending the annual equity derivatives-focused conference put on by the good folks at EQD. Make sure to head over to www.eqderivatives.com and signup for their official notes. Meanwhile, they go deep on many topics, from accessing commodity markets and traders in China, addressing liquidity concerns on execution desks, and exploring the nuances between variable annuities and index-linked annuity products.
Jason and Jeff delve into alternative correlated hedges with cheaper volatility, examine volatility strategies in ETFs, and analyze the role of leverage in finance. Jason also shares his hot takes on various topics, including the allure of Las Vegas to the fascinating world of greenflation and energy, where wind farms and Dr. Copper play a significant role. No EQD stone is left unturned — SEND IT!P.S. Head to Jeff's Derivative Podcast to catch up on part I of the Global EQD ’23 Breakdown. https://www.rcmalternatives.com/2023/06/global-eqd-23-breakdown-with-jason-buck-part-1/
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In this episode I talk with writer, author, DJ, and speaker, Jared Dillian.
Jared's newsletters include The Daily Dirtnap, a daily market newsletter for investment professionals, and We’re Gonna Get Those Bastards, which is about everything that is depraved, especially finance, culture and music.
His books include Street Freak, All the Evil of This World, Those Bastards, and No Worries (2024).
In his spare time, Jared is a progressive house DJ and speaks frequently on mental health issues at financial institutions.
We talk about:
Bet on Winners USD F.I.R.E. Play the Tuba! Cargo Shorts and more!I hope you enjoyed this conversation with Jared as much as I did!
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In this episode I talk with Dr. David Rhoiney, a Robotic Surgeon, Cryptologist, Cyber security specialist and the list continues!
We talk about:
Unconscious Greatness
Strategy That Fits
HENRYs
Banks/RIA for the People
Bad Food Takes and more!
I hope you enjoyed this conversation as much as I did!
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In this episode I talk with Tobias Carlisle, founder and managing director of Acquirers Funds, LLC. He serves as portfolio manager of the firm's deep value strategy.
Tobias is the creator of The Acquirer’s Multiple®. He is also the author of the books The Acquirer’s Multiple (2017), Concentrated Investing (2016), Deep Value (2014), and Quantitative Value (2012).
Tobias has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.
We discuss:
SVB
What is Money?
Invincible Businesses
History as a Guide
Behavior is Water
Ergodicity in all Things and more!
I hope you enjoyed this conversation with Tobias as much as I did!
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In this episode I talk with Zed Francis, CIO & Co-Founder at Convexitas.
Zed is responsible for strategy design, implementation, risk management and business development. In his 15-year career in investment management, Zed has taken on leadership roles that have informed the delivery of consistent and transparent multi- asset solutions as a discretionary fiduciary acting on behalf of institutional clients and high-net-worth individuals. He was most recently a portfolio manager and derivative overlay manager at SpiderRock Advisors.
Previous engagements include portfolio management at institutional investment manager Legal & General Investment Management America and trading head at long/short distressed hedge fund Chicago Fundamental Investment Partners.
We discuss:
Will credit markets be tight or illiquid in 2023? Was Q4 Tax Loss Harvesting and RMDs? Do FOMC and CPI matter? What happened to Gilts? (Now do Japan) Illiquidity-> Correlation-> VolatilityI hope you enjoyed this conversation with Zed as much as I did!
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In this episode I talk with Tom Morgan, Director of Communications & Content at The KCP Group - Stifel.
Tom spent the last 16 years on Wall Street working in the distribution of research for firms like Merrill Lynch, Bank of America, Consumer Edge, and Stifel.
Tom is someone who inquisitively consumes content across a huge array of disciplines and extracts actionable insights for busy people. For most of the past decade, Tom wrote a weekly summary titled “The Best Bits,” which had a wide following in investment and non-investment circles.We discuss:
The Morgan Dialectic- STS Model
Left Brain vs. Right Brain
Cooperation vs Self Interest
The Way of the TaoistI hope you enjoyed this conversation with Tom as much as I did!
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We've got a special edition podcast this week!
A little while back, Jason sat down with his friend Meb Faber to talk about all things investing. For those who didn't get a chance to listen to it, we thought we'd do a swapcast version so that way you could hear Meb and Jason discuss all things related to broadly diversified portfolios, different investing philosophies, and different investing vehicles that an entrepreneur could put together for clients.
I hope you enjoy this conversation with Meb!
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In this episode I talk with Robert Mullin, general partner and portfolio manager at Marathon Resource Advisors.
Marathon Resource Advisors manages investment strategies focused on income generating natural resource equities in the energy, mining, agriculture and renewables space.
We talk about:
CapEx Perfect Storm
ESG is New OPEC
Fake vs. Real Economy
Hedging Cyclical Risk in a Secular Bull
I hope you enjoyed this conversation with Robert as much as I did!
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In this episode I talk with Travis Kimmel.
Our topics include:
Operator Use Liberal Arts Intellectual Dojo of Twitter SAAS Treasuries Why Do We Have Bonds? And more!This is the link to Travis' favorite book on management we discussed: 12: The Elements of Great Managing
Travis' best book he has read in finance: Trade Wars Are Class Wars
I hope you enjoyed this conversation with Travis as much as I did!
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In this episode I talk with Bill Brewster from The Business Brew.
Bill is a private investor who tries to replicate Warren Buffett’s and Charlie Munger’s thought processes, but he is also influenced by Bill Miller III, Stan Druckenmiller, and others. The Business Brew podcast is his attempt to dig deeper into other investing and business philosophies — and share that knowledge with the world.
We talk about:
Road Trips give Political Sentiments
DCFs vs Monte Carlos
MailBox Money
The Business of Podcasting
Elusive Buffett and more!
I hope you enjoyed this conversation with Bill as much as I did!
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In this episode I talk with Sean Wieland, Founding Principal at Tannhäuser Financial.
We talk about:
Deferred Sales Trusts for business exit Pre and Post sale of your business Premium financing life insurance Captive Insurance 401-H and more!Here is the online illustration tool to compare any highly appreciated asset sale (exiting a business, commercial real estate / 1031 rescue, cryptocurrency, fine art, etc.)
I hope you enjoyed this conversation with Sean as much as I did!
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In this episode I talk with Drew Knowles, managing member of XIT Ranch.
XIT is long-term oriented family investment vehicle including real assets such as ranchlands, horses and cattle operations, venture capital, private equity, and hedge funds.We talk about:
Never Ask a Cattleman Size of Herd, Hay shortages, Levels of ranching certifications, Carbon Sequestration, Global Macro-End of the World Vol Trade and more!I hope you enjoyed this conversation with Drew as much as I did!
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In this episode I talk with Wayne Himelsein, CIO of Logica Capital Advisers.
Wayne is responsible for leading portfolio management and the overall implementation of the firm’s investment strategies. Beginning his career as a Proprietary Trader in 1995, and launching his first Hedge Fund in 2000, Wayne has over 25 years of industry experience.
We talk about the following:
Is time real? What is signal vs noise? Where to find great quotes? 2022- Year of unusual volatility? Existential risks to hedge funds.I hope you enjoyed this conversation with Wayne as much as I did!
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In this episode I talk with Noel Smith, Chief Investment Officer & Founder at Convex Asset Management as well as Volatility trader, Darrin Johnson.
We talk about How to Turn Pro as a Trader, How to Join a Prop Shop, How to Run a Prop Shop, The Business Side of Running a Trading Business, How to Build Relationships from Scratch and more!
I hope you enjoyed this conversation with Noel and Darrin as much as I did!
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